Iran's Rouhani warns of 'war situation' as U.S. sanctions resume

Iranian Crowds Chant 'Death To Israel,' 'Down With U.S.'

Iran's normally moderate President Hassan Rouhani told a group of state employees on Sunday that it was time to Iran is facing a "war situation" under the new and renewed us sanctions, but as CBS News correspondent Elizabeth Palmer reported from Tehran on Monday, he is also vowing that Iran will continue to sell its oil overseas.

Iranian President Hassan Rouhani said the country will continue selling its oil and break the second batch of sanctions the USA administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May.

President Donald Trump's administration added 300 new designations including Iran's oil, shipping, insurance and banking sectors, aiming to cripple Iran's main export revenues from the petroleum industry.

Rouhani separately said leaders from "four powers" met with Iran on the sidelines of the September meeting of the United Nations General Assembly to try to save the deal, including brokering a possible meeting with Trump.

Iran's Foreign Ministry spokesman Bahram Ghasemi also predicted the sanctions will actually work against America's interests.

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But Mr Rouhani struck a defiant tone, saying that Iran would "continue selling oil". The president did not respond to a question about the waiver.

While not threatening to resume higher enrichment, Iranian officials in recent months have said this could resume at any time - and faster than before.

While Chief Cabinet Secretary Yoshihide Suga declined to detail any potential sanction waivers, he said his government had asked Washington that sanctions should not have an adverse impact on Japanese companies. "Market surveys of Iranian exports show a decline of more than 1 million barrels per day (bpd) as of October from May", Edward Bell, commodity analyst at Emirates NBD bank said.

South Korea, one of Asia's biggest buyers of Iranian oil, last week asked the U.S. for "maximum flexibility" after some of its construction firms cancelled energy-related contracts in the Islamic Republic because of financing difficulties.

On Monday, the second round of U.S. sanctions targeting Iran's energy sector, shipping, ship-building and financial industries enters into force.

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Washington is re-imposing the sanctions after Mr Trump in May pulled out of a 2015 accord aimed at curbing Iran's nuclear ambitions.

Iran has greeted the re-imposition of US sanctions with air defense drills and an acknowledgement from President Hassan Rouhani that the nation faces a "war situation".

As part of the new sanctions, the US Treasury Department will add more than 700 names to its list of blocked entities as of November 5, with the US working closely with countries to cut off Iranian oil exports as much as possible. They are reported to include United States allies India, Italy, Japan and South Korea.

An expanded USA blacklist, announced in October, took some in Iran by surprise as it targeted banks exempt from earlier rounds of sanctions.

On Friday Secretary Mnuchin and Pompeo held a conference call with reporters explaining the scope of sanctions. We've got Brent crude at about the same price it was back in May when the president announced the withdrawal from the JCPOA.

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Along with a continuous stream of worrying economic data out of China, and broader demand for energies seeing threats, U.S. crude oil sees a futures curve that has, up until now, forecast tightening expectations of tighter supply, and now forward-dated contracts are hinting that crude demand could be swept over by a tidal wave of supply in the months ahead. Those firms include Bank Melli, Arian Bank, Future Bank and the Export Development Bank of Iran.

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